New Delhi, March 5 -- 29 January was meant to be a special date for ITC Hotels, one that marked a new beginning. That was the day the hotel chain, whose properties are renowned for playing host to heads of state from around the world for several decades, debuted on the stock exchanges. However, cigarettes-to-biscuits conglomerate ITC's hospitality arm had a less-than-auspicious start on the bourses. Its shares listed at Rs.180 on the NSE and Rs.188 on the BSE-a discount of nearly 30% from their implied price of Rs.260 following the hotel chain's demerger from its parent company.

Analysts, however, didn't read too much into the listing day disappointment and are largely positive on ITC Hotels' prospects. The company's market cap is curren...